Correlation Analysis Between Coinbase Bitcoin and Bitfinex Recovery

This module allows you to analyze existing cross correlation between Coinbase Bitcoin USD and Bitfinex Recovery Right Tokens USD. You can compare the effects of market volatilities on Coinbase Bitcoin and Bitfinex Recovery and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Coinbase Bitcoin with a short position of Bitfinex Recovery. See also your portfolio center. Please also check ongoing floating volatility patterns of Coinbase Bitcoin and Bitfinex Recovery.
Horizon     30 Days    Login   to change
Symbolsvs
Compare Efficiency

Comparative Performance

Coinbase Bitcoin USD  
0

Risk-Adjusted Performance

Over the last 30 days Coinbase Bitcoin USD has generated negative risk-adjusted returns adding no value to investors with long positions.
Bitfinex Recovery Right  
1

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Bitfinex Recovery Right Tokens USD are ranked lower than 1 (%) of all global equities and portfolios over the last 30 days.

Coinbase Bitcoin and Bitfinex Recovery Volatility Contrast

 Predicted Return Density 
      Returns 

Coinbase Bitcoin USD  vs.  Bitfinex Recovery Right Tokens

Coinbase

Bitcoin on Coinbase in USD

 3,800 
(18.44)  0.48%
Market Cap: 40.3 B
  

Bitfinex

Recovery Right Tokens on Bitfinex in USD

 0.03679 
0.00116  3.26%
Market Cap: 145
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Coinbase Bitcoin USD is expected to under-perform the Bitfinex Recovery. In addition to that, Coinbase Bitcoin is 1.26 times more volatile than Bitfinex Recovery Right Tokens USD. It trades about -0.26 of its total potential returns per unit of risk. Bitfinex Recovery Right Tokens USD is currently generating about 0.02 per unit of volatility. If you would invest  3.69  in Bitfinex Recovery Right Tokens USD on November 19, 2018 and sell it today you would lose (0.01)  from holding Bitfinex Recovery Right Tokens USD or give up 0.27% of portfolio value over 30 days.

Pair Corralation between Coinbase Bitcoin and Bitfinex Recovery

-0.05
Time Period2 Months [change]
DirectionNegative 
StrengthInsignificant
Accuracy97.67%
ValuesDaily Returns

Diversification Opportunities for Coinbase Bitcoin and Bitfinex Recovery

Coinbase Bitcoin USD diversification synergy

Good diversification

Overlapping area represents the amount of risk that can be diversified away by holding Coinbase Bitcoin USD and Bitfinex Recovery Right Tokens in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Bitfinex Recovery Right and Coinbase Bitcoin is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Coinbase Bitcoin USD are associated (or correlated) with Bitfinex Recovery. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bitfinex Recovery Right has no effect on the direction of Coinbase Bitcoin i.e. Coinbase Bitcoin and Bitfinex Recovery go up and down completely randomly.

Thematic Opportunities

Explore Investment Opportunities

Build portfolios using Macroaxis predefined set of investing ideas. Many of Macroaxis investing ideas can easily outperform a given market. Ideas can also be optimized per your risk profile before portfolio origination is invoked.
Explore Thematic Ideas
Explore Investing Ideas  
See also your portfolio center. Please also try Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of macroaxis ideas.


 
Search macroaxis.com